Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 11, 2017

Fujairah Weekly Oil Inventory Data Stocks Level as of Dec. 11, 2017

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 11, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (as of December 11, 2017) / Source: The Gulf Intelligence

Total refined product stocks at the UAE port of Fujairah stood at 16.62 million barrels in the week to December 11, down 8.6% from the previous week, according to data from the Fujairah Energy Data Committee, or FEDCom.
 
The decline was primarily down to a significant draw on heavy distillates, S&P Global Platts Analytics said in a report. In the previous week, stocks had risen to an 11-week high of 18.18 million barrels. Stocks of heavy distillates and residues fell 13.4% in the week to December 11 to 10.664 million barrels. This was the first drop in four weeks, snapping the recent rebound from the record low of November 13. As much as half of the fuel oil volumes departing Fujairah in the past week were heading for Singapore, local sources said.
 
Stocks of middle distillates are still close to recent lows, despite a rise of 16% week on week to 1.406 million barrels. This was the first week-on-week rise in middle distillate stocks after three consecutive record lows. Medium-sulfur gasoil continues to see ample demand in the Middle East, North Africa, and South Asia, while low-sulfur diesel is relatively weaker due to the closed arbitrage.
    

FORTIES DISRUPTION


Disruptions in the Forties pipeline are expected to have little impact on the European diesel market due to ample supply, but has is affecting gasoline. The diesel arbitrage from the US Gulf Coast to Europe has been closed in recent weeks, with diesel, in fact, moving across the Atlantic in the opposite direction towards Latin America and the US Atlantic Coast, Platts Analytics said.
 
Stocks of light distillates edged down 2.2% to 4.555 million barrels, in line with recent levels. Gasoline market sentiment was supported by possible supply tightness both East and West of Suez. A fire at an RFCC unit at Indian Oil Co.'s Paradip refinery added to expectations of supply tightness, with the Middle East already seeing a number of refinery maintenance outages.
 
Recent weeks have seen European gasoline drawn to meet strong Middle Eastern demand, but this flow could now be reduced, possibly pulling Indian barrels to the region.

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Dec 11, 2017) / Source: The Gulf Intelligence

Chart Attribute: Fujairah Weekly Oil Inventory Data (Jan 9 - Dec 11, 2017) / Source: The Gulf Intelligence
 
About the S&P Global Platts and FOIZ Fujairah Data Project:

The Government of Fujairah in 2016 announced a plan to publish weekly data on refined products held at onshore commercial terminals at Fujairah as part of its effort to position the Indian Ocean port as a global oil trading and storage. It appointed S&P Global Platts to distribute the weekly inventory data. FEDCom was established by the Fujairah Oil Industry Zone to collect, verify and distribute inventory data to replicate the data sets provided at other global trading centers such as Singapore and Rotterdam.Fujairah has about 41.5 million barrels of commercial oil product land storage available for leasing.
 
About The Gulf Intelligence

Gulf Intelligence is a strategic communications & research firm effective across the full value-chain of the Middle East Energy Sector – we facilitate knowledge exchange and advance the business interests of national and international stakeholders operational in the regional industry.
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